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So Hard to Process 1/8/20

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Even though I knew it was coming, and I warned about it here and elsewhere for the past couple of years, I'm having difficulty processing the Trump coup attempt. 

I'm still not sure that it has failed. I'm not at all confident that things are under control, and that the US will have a functioning government. There's a large contingent of seditionists in the Republican Party, and despite the fact that they represent only 10% of the electorate, they have an armed and dangerous horde of madmen and idiots at their disposal. And they have collaborators and co-conspirators at the highest levels of many, if not most, police departments throughout the US.  

I remain very worried. I have always been, and remain deeply critical of US government policy, regardless of Administration, and the rampant corruption endemic in both political parties. But one thing I know for sure is that the US needs a functioning government, elected by the people, for us to have any chance to survive with a relative degree of freedom from oppression.  The Rule of Law, as deeply flawed as it is, must prevail, or we are doomed.  

The 5 day cycle projection is 3815-30. The low end of the range was hit in the overnight session. Hourly indicators have edged to the sell side, but remain high in positive territory, which means that the uptrend is still intact. A couple of trendlines come together at 3805 as of now - 6:45 AM ET. If they break, then we could see some downside. 

I saw signs of a vicious short squeeze yesterday as stocks that were on sell signals reversed and got bought heavily and relentlessly. Once that burns out we should see a downdraft. But I'm not ready to place any bets on it yet. 

On the other side of the coin, on intraday charts almost everything that was on buy signals looks extended and primed for a pullback.  Only if they break 3795 is any significant downside likely. 

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This former penny stock - FTFT- broke out yesterday. I found the corporate summary on Reuters amusing, the last sentence in particular.     

One word. Blockchain. It's the future.  

🤡

This former penny stock - FTFT- broke out yesterday. I found the corporate summary on Reuters amusing, the last sentence in particular. 

 

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Future Fintech Group Inc is a china-based company mainly engaged in the research, development and application of blockchain technology. The main businesses of the Company include a shopping platform, Chain Cloud Mall (CCM), which is based on blockchain technology; an online cross-border e-commerce platform (NONOGIRL); a blockchain-based application incubator and a digital payment system (DCON), and the application and development of blockchain-based e-commerce technology and financial technology. The Company is also involved in the production and sale of fruit juice concentrates and fruit beverages.

 

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NEW YORK, Jan. 7, 2021 /PRNewswire/ -- Future FinTech Group Inc.(NASDAQ:FTFT, ", 
, Future Fintech", , , ", , FTFT", , or ", , Company", , ))))), a leading 
blockchain based e-commerce company and a financial technology service provider, 
announced today that on December 31, 2020, China Copyright Protection Center 
("CCPC") has accepted the Company's application for ten software copyrights 
relating to blockchain technology applications, which the Company first 
submitted for CCPC's review in June 2020.

The Company has been developing and improving an anti-counterfeiting and tracing 
system by using the blockchain technology for its blockchain based e-commerce 
platform Chain Cloud Mall (CCM). The system not only issues unique 
anti-counterfeiting QR codes to trace the products and ensure their 
authenticity, it also provides anti-counterfeiting points to consumers. After 
consumers are rewarded with such points, they can receive discounts and other 
benefits, and ultimately realize "no counterfeit in the CCM, value-added 
shopping experience, and more traffic and business for the stores in CCM."

With the research, development and improvement of software used in the 
anti-counterfeiting and tracing system with the blockchain technology, the 
Company has developed ten software with blockchain technology that is apply for 
copyrights. They are: 1. blockchain credit points discount settlement system; 2. 
blockchain credit points circulation monitoring system; 3. legal currency and 
credit points synchronization settlement system; 4. blockchain credit points 
flow system; 5. agent automatic profit distribution system; 6. agent automatic 
tax deduction and accounting system; 7. manufacturer automatic accounting 
system; 8. e-commerce and blockchain anti-counterfeiting linkage system; 9. 
blockchain discount and promotion automatic balance system; 10. blockchain 
real-name authentication and legal responsibility system.

In recent years, blockchain applications have been more and more used in the 
real life and daily economics, such as traditional manufacturing, e-commerce, 
financial industry to save transaction and labor costs, reduce the raw material 
consumption, simplify the payment process.

Zhi Yan, General Manager of the CCM said, "The system we built is simply a 
blockchain based credit point reward and settlement center for our online 
shopping mall. Anti-counterfeiting and rewarding system in e-commerce is only 
the first application of this technology. Our supply chain system, contract 
farming system, and order management system may also use this technology. Our 
application of software copyrights will protect our intellectual property rights 
and help us further improve the blockchain based system of CCM."

Sounds perfectly legit.  I'm gonna buy 10 shares. 

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2 hours ago, DrStool said:

One word. Blockchain. It's the future.  

Better yet. China blockchain. 

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It was a coup. It was planned. It was run from the White House. Top Capitol Police brass were in on it.  Or were "just following orders."

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